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If you think you’re ready to start collecting Social Security benefits, you might easily find yourself caught off guard. Social Security’s rules can be frighteningly complex, so it’s important to understand how the government program works and avoid unwelcome surprises that could force you to drain your retirement savings.
For example, there are limits on how much you can earn while collecting benefits, and if you exceed those limits, your Social Security benefits will get cut substantially. That’s just one of the snares that could trip you up.
Make sure you plan appropriately to stay clear of these six Social Security traps.